Guest Paul Guerrero from Allstate Insurance is with me again today to discuss flood insurance and the eye-opening findings from a recent study on Austin’s flood risk.
I’m joined again today by my friend Paul Guerrero from Allstate Insurance, and this time, he’ll talk about some new developments brought about by Atlas 14 and why flood insurance is something no homeowner in Austin should go without.
Not too long ago, city officials here in Austin had a study called Atlas 14 conducted on the water flow and water tables of Austin for the first time since 1994.
We’ve experienced significant growth and flooding over the last 25 years, so the city decided it was high time to step up its research and make our maps more reflective of present-day Austin.
Atlas 14 was introduced as an updated version of our flood zones and includes the 500-year, 100-year, and 25-year flood zone. Now Austin homeowners have a much clearer picture of how often their home or homes in their area could potentially flood.
You might think flood insurance isn’t necessary because your home is outside a flood zone, but Paul is quick to point out that 40% of the flood claims last year were from people whose homes weren’t near water. His best advice is to not only do your research on Austin’s flood zones, but on the water flows, of which your home could be in the path of during a flood.
The city is now hoping to further education and awareness among homeowners and Realtors. Part of that mission is encouraging people to purchase preferred flood insurance, which provides a safety net for those who aren’t located in a designated flood zone and at a minimal cost. It starts at $250 a year and, in Paul’s words, is “some of the best peace-of-mind insurance you can buy.”
Atlas 14 was introduced as an updated version of our flood zones and includes the 500-year, 100-year, and 25-year flood zone.
Homeowners who have pre-existing flood insurance should be aware that, due to the recalculation of risk, premium increases are on the way. Therefore, if you aren’t already insured, Paul recommends that you purchase a policy now and get grandfathered in before the updated FEMA maps go into effect.
If you have any other questions about this topic and how it affects you, please don’t hesitate to reach out to Paul at (512) 441-8597. You can also come to me with any of your questions by calling me at (512) 765-4337 or sending me an email at Greg@GregoryGroupTX.com. We’d be happy to help!